$6 Million Bet On Beacon Roofing Supply? 3 Stocks Insiders Are Buying

Although US stocks closed higher on Friday, there were a few notable insider trades.

When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.

Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.

Acuity Brands

• The Trade: Acuity Brands, Inc. AYI Director Laura G. O'Shaughnessy acquired a total of 575 shares at an average price of $174.54. To acquire these shares, it cost around $100.36 thousand.
• What’s Happening: Acuity Brands, during June, reported third-quarter FY22 net sales growth of 17.9% year-over-year to $1.1 billion, beating the consensus of $985.42 million..
• What Acuity Brands Does: Acuity Brands Inc is the parent company of Acuity Brands Lighting and other subsidiaries, which provide lighting products for commercial, institutional, industrial, and residential applications.

Beacon Roofing Supply

• The Trade: Beacon Roofing Supply, Inc. BECN 10% owner CD&R Boulder Holdings, L.P. acquired a total of 103,931 shares at an average price of $57.73. To acquire these shares, it cost around $6 million.
• What’s Happening: JP Morgan recently maintained Beacon Roofing Supply with a Neutral and lowered the price target from $66 to $59.
• What Beacon Roofing Supply Does: Beacon Roofing Supply Inc manufactures and sells roofing and building materials throughout the United States and Canada.

Don’t forget to check out our premarket coverage here .

Also check this: Global Payments, Mosaic And 3 Stocks To Watch Heading Into Monday

Singing Machine Company

• The Trade: The Singing Machine Company, Inc. MICS 10% owner Bitnile Holdings Inc bought a total of 25,000 shares at an average price of $7.57. To acquire these shares, it cost around $189.35 thousand.
• What’s Happening: Singing Machine recently announced the launch of proprietary Pitch Lab technology.
• What Singing Machine Company Does: Singing Machine Co Inc is engaged in the development, production, marketing and distribution of consumer karaoke audio equipment, toy products, accessories, music, and audio consumer electronic products.